The Roll Up: Weekly Self-Storage Development Round Up 1.16.19

Storage of America purchased an industrial building at 5041 to 5107 Kitridge Road in Huber Heights, OH. The price was $535,000, and Globe Products Inc. was the seller.

The company plans to open a self-storage facility there sometime this year. Storage of America also is planning a new facility in Akron,OH, and recently opened a location at a former Target store in Trotwood, OH. Source:Dayton Daily News

Storage of America plans to turn this former manufacturing building on Kitridge Road in Huber Heights, OH into a self-storage facility.

Planned

Designs for a new 120,000 square foot facility in El Dorado County, California were approved by planners last week.

In California, El Dorado County planners approved a three-story, 120,000-square-foot storage building as well as an adjacent two-story, 3,324-square-foot structure off of Rossmore Lane in El Dorado Hills. Planners also approved revisions to a previously approved plan to expand an existing self-storage facility off of Green Valley Road near Cambridge Road. That facility, Superior Self Storage, will add 76,000 square feet of space and demolish covered RV structures. Source:Mountain Desert

Mayfield Heights, OH is in line to get its first self-storage facility after the City Council gave preliminary approval to developer John Molchan to add 80,000 square feet to a 28,500-square foot building that stands at the site at 1413 Golden Gate Blvd (see map below). Molchan said CubeSmart likely would be the operator. He also said wine storage would be one feature of the self-storage business, which would have 780 units. Molchan aims to open the facility in 2020. Source:Cleveland.com

U-Haul hopes to put up a four-story, 90,576-square-foot building for self-storage just west of Interstate 95 in Miami-Dade County, FL. The company filed a pre-application Nov. 21 regarding the 1.34-acre site at the northwest corner of I-95 and Northwest 151st Street. The site includes eight parcels. Double DK Properties owns the land, which is under contract to U-Haul. Source:South Florida Business Journal

The Hampshire Cos. bought a 2-acre parcel at 351 N. Frontage Road in New London, CT, where it plans to build a 100,000-square-foot, approximately 800-unit self-storage facility. Construction is scheduled to begin in Q2 2019. The company said it has been busy in self-storage, having repositioned or developed 33 facilities worth an aggregate $415 million since 2012; also, it is working on 13 projects (aggregate value of $239 million) and targeting another 14 (aggregate value of $243 million). Source: The Hampshire Cos.

Businessman Jimmy Day of DPR Investments is making Texas’ first Opportunity Zone investment, buying 9.4 acres on the eastern portion of the Brooks development, along City Base Landing in San Antonio, TX. There, he plans to build a self-storage facility, with flex space for small businesses. Groundbreaking is planned for this fall. Day said options include building a one-story or three-story structure, adding the building may be approximately 90,000 square feet. Brooks is a 1,308-acre mixed-use community. Source:Brooks

Completed

Multiplex Self Storage held its grand opening this month in Liberty Township, OH. It fills up about half of a former Holiday Inn Metroplex at 1620 Motor Inn Drive (the Metroplex Event Center takes up the other half of the 100,000-square-foot building). Two floors have been converted into 168 storage units so far. When the third and fourth floors are finished, Metroplex will have between 425 and 450 units. Universal Development bought the hotel for $850,000 in 2015 and also operates Austintown Self Storage at the Interstate 80-State Route 46 interchange. Source:The Business Journal (Youngstown, OH)

Under construction

1784 Capital Holdings LLC of Scottsdale, AZ, broke ground on Gold Dust Self Storage at 7245 E. Gold Dust Ave. in Scottsdale. It’s building a self-storage facility with 82,505 square feet of rentable space, with three stories above ground and one below. A Macaroni Grill restaurant formerly stood on the site, located southeast of the intersection of Scottsdale Road and Gold Dust Avenue. The project is expected to open at year-end. Source: 1784 Capital Holdings LLC